HomeMy WebLinkAbout1983-183 CCRMember Bill Hawes introduced the following resolution and
moved its adoption:
RESOLUTION? NO. 83 -183
RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSAL FOR A
MULTIFAMILY HOUSING DEVELOPMENT BOND PROGRAM
WHEREAS, Minnesota Statutes Chapter 462C (the "Act authorizes the
City of Brooklyn Center (the "City to develop and administer programs of
making or purchasing loans to finance multifamily housing developments located
within its boundaries for rental primarily to elderly persons; and
WHEREAS, the City has received a proposal from Brookwood Estates
Limited Partnership, a Minnesota limited partnership (the "Developer for a
Multifamily Housing Development Bond Program (the "Program for the issuance
of bonds in an amount presently estimated not to exceed $4,500,000 to make a
loan to finance the construction of a 73 unit multifamily rental apartment
facility for occupancy by low and moderate income persons and families, to be
located north of the intersection of Girard and North Lilac Avenue in the City
and to be known as "Brookwood Estates" to be undertaken by the Developer (the
"Project and
WHEREAS, the City on September 21, 1982 adopted the Housing Plan (the
"Plan for the City, and undertaking the proposed Multifamily Housing Develop-
ment Revenue Bond Program to finance the Project would be consistent with the
purposes and housing goals set forth in the Plan; and
WHEREAS, the City has considered (1) the availability and affordability
of other government housing programs for low and moderate income persons and
families; (2) the availability and affordability of private market financing
for construction of multifamily housing development for low and moderate income
persons and families; (3) an analysis of population trends; and (4) the recent
housing trends of the City and future housing needs in the City; and
WHEREAS, the City Council has further considered (1) the amount, timing
and sale of bonds to finance the estimated amount of the loan to be made under
the Program and to pay the costs of issuance; (2) the method of administering
and supervising the Program; (3) the cost to the City, including future admin-
istrative expenses; and (4) certain other limitations; and
WHEREAS, based on certain representations of the Developer, it would
appear that giving preliminary approval to the Program to finance the Project
would be in the best interests of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BROOKLYN CENTER:
1. That preliminary approval is hereby given to the proposal of the
Developer that the City undertake a Multifamily Housing Develop-
ment Revenue Bond Program for issuance of revenue bonds in an
amount presently estimated not to exceed $4,500,000 pursuant to
the Act to finance construction of the Project by Brookwood
Estates Limited Partnership.
RESOLUTION NO. 83 -183
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The final issuance of any such revenue bonds shall be subject to the approval
of this City Council and the mutual agreement between and among the City, the
Developer, the Trustee for such bonds, the initial purchaser or purchasers of
such bonds, and any other parties to such bond financing.
December 5, 1983
Date
ATTEST:
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Mayor
The motion for the adoption of the foregoing resolution was duly seconded by
member Celia Scott and upon vote being taken thereon, the following
voted in favor thereof: Dean Nyquist, Celia Scott, Bill Hawes, and
Rich Theis
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
RESOLUTION NO. 83 -183
STATE OF MINNESOTA
ss.
COUNTY OF HENNEPIN
I, Gerald G. Splinter, City Clerk of the City of Brooklyn Center, in the
County of Hennepin, and State of Minnesota, do hereby certify that I have
examined the attached copy of Resolution 83 -183 adopted by the City
Council of said City at a regular meeting thereof held on the 5th day of December,
1983, and have carefully compared the same with the original thereof now on file
in this office, and that said attached copy is a true and correct copy of said
original and of the whole thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said City this 5th day of December 1983.
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